"One thing we've seen this year is that every dip has been aggressively bought," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "The longest losing streak in 2013 was just four days, set last month (and matched today). We're getting near the end of the month and quarter, so there is always a chance for some late-quarter buying. Still, with talk of a potential government shutdown coming up soon, there is always a chance for some news-induced volatility on the horizon." Meanwhile, as debt-ceiling negotiations raged on in Washington, the Dow Jones Industrial Average (DJI) closed solidly in the red.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,334.59) had a bit of a roller coaster ride today, as it trended lower during the morning hours of trading, then cruised higher in the early afternoon. By the close, however, the blue-chip barometer was down 66.8 points, or 0.4% -- just above its session low of 15,327.14. The Dow's nine advancers were led by Boeing's (NYSE:BA) 1.3% gain, while JPMorgan Chase (NYSE:JPM) paced the 21 laggards with a decline of 2.2%.
The S&P 500 Index (SPX - 1,697.42) experienced some choppy price action of its own, touching an intraday low of 1,694.90 within the first hour of the session, and then rising to an intraday high of 1,707.63 just before 2:00 p.m. ET. By the end, it was the same story, with the index finishing 4.4 points, or 0.3%, lower -- and below the key 1,700 level. Meanwhile, the Nasdaq Composite (COMP - 3,768.25) "outperformed" its peers, adding 3 points, or 0.1%, on the day.
Elsewhere, the CBOE Market Volatility Index (VIX - 14.08) spent most of the session in the red, and closed 0.2 point, or 1.6%, lower.
A Trader's Take:
"Housing had some good news, as both Lennar (NYSE:LEN) and KB Home (NYSE:KBH) reported strong earnings," Detrick went on. "It is interesting, because yields took a big dip today, and long-term bonds had a positive session. At the same time, the dip in yields could be a good sign for housing, as it sparked a big rally within this sector."
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